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RTNominal up3.460 +0.070 (+2.065%)

01/02/2021 17:43

{I-bank focus}Jefferies ups China Eastern Airlines to HK$4.6

[ET Net News Agency, 1 February 2021] Jefferies Research lifted its target price for
China Eastern Airlines (CEA) (00670) to HK$4.6 from HK$4.3 and maintained its "buy"
The research house estimated 2021 will be a year of two halves with 1H loss-making due
to global COVID cases hurting international travel before rebounding 2H profit, driven by
pent-up demand.
Although domestic pax capacity is increasing, Jefferies estimated pax yields remain weak
as airline discounted ticket prices to stimulate demand. International pax traffic is
likely to remain weak until international travel restrictions ease.
It said earnings are most sensitive to passenger yields, but pax yields remain under
pressure. It expects pax yield to rebound 4.4% in 2021 as pent-up demand drives domestic
yields. (KL)

Remark: Real time quote last updated: 18/06/2021 17:59
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